Business
Cosmos Group Holdings Transformation: Focusing on the revenue generation in pursuit of sustainable growth
Cosmos Group Holdings Transformation: Focusing on the revenue generation in pursuit of sustainable growth.
About this update from Grand Gallery Inc.
[{"type":"text","content":"\n\n\n\nCosmos Group Holdings Transformation: Focusing on the revenue generation in pursuit of sustainable growth\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCosmos Group Holdings Transformation: Focusing on the revenue generation in pursuit of sustainable growth\nPR Newswire\nSINGAPORE, Dec. 27, 2022\n\n\n\nSINGAPORE, Dec. 27, 2022 /PRNewswire/ -- Cosmos Group Holdings Inc. (OTC: COSG) has entered into a Settlement Agreement with Lee Ying Chiu, Herbert (\"Dr. Lee\") effective 15 December 2022, pursuant to which the Company and Dr. Lee agreed to settle the matter of 800,000,000 shares of common stock of the Company due to Dr. Lee pursuant to the terms of the Share Exchange Agreement dated June 17, 2021 in the acquisition of Massive Treasure Limited.\nPursuant to the settlement:\n1.         The Company will issue 400,000,000 shares of common stock to Dr. Lee in lieu of the original amount of 800,000,000 shares of common stock.   \n2.         All DOT (based on NFT) technology development entities will be transferred to Dr. Lee or his designees.\nCommenting on the settlement agreement, Dr. Chan Man Chung, Chief Executive Officer of Cosmos Group Holdings Inc. said, \"We are delighted at the outcome of this settlement and we believe that the COSG Group will be in a much better position as a result of this.  If you take a look at our last quarter financial report, with more than US$8 million DOT sales within the first 9 months of 2022, the DOT business was actually growing very strongly.  However, our management team also reviewed the overall financial position of the COSG Group and felt the technology and business development costs that we have and will need to continue to put into the DOT business will continue to be high, which will continue to affect the profitability of the company. In addition, the overall Crypto Winter gave us an opportunity to reassess our overall business model and market situation, and we believe that this settlement and changes will ensure th...